Skip to main content
  • Personal
  • Business
  • Foundation
    Close
  • Select Region
    • Global
    • India
    • MENA
  • mySHRM Login
  • MySHRM
    • Dashboard
    • Account
    • Logout
SHRM
  • Membership
    • Membership

      As a SHRM Member®, you’ll pave the path of your success with invaluable resources, world-class educational opportunities and premier events.

      Membership Tiers
      • Professional
      • Student
      • Global
      • Executive
      • Business
      Membership Benefits
  • Learning
    • Learning

      Build capability, credibility, and confidence to influence strategy, shape culture, and drive measurable business impact.

      SHRM Certification

      Demonstrate your ability to apply HR principles to real-life situations.

      • Choosing Your Certification
      • SHRM-CP
      • SHRM-SCP
      • How to Get Certified
      • Prepare for the Exam
      • Recertification
      Seminars

      Stand out from among your HR peers with the skills obtained from a SHRM Seminar.

      Specialty Credentials

      Demonstrate targeted competence and enhance your HR credibility.

      Educational Programs

      Designed and delivered by HR experts to empower you with the knowledge and tools you need to drive lasting change in the workplace.

      • Essentials of HR
      • eLearning
      Qualifications

      Gain a deeper understanding and develop critical skills.

  • Attend
    • Events

      Demonstrate your ability to apply HR principles to real-life situations.

      • SHRM26 Annual Conference & Expo
      • The AI+HI Project 2026
      • Talent 2026
      • Linkage Institute 2026
      • BLUEPRINT 2025
      State Conferences

      Attend a SHRM state event to network with other HR professionals and learn more about the future of work.

      Seminars

      Stand out from among your HR peers with the skills obtained from a SHRM Seminar.

      Webinars

      Learn live and on demand. Earn PDCs and gain immediate insights into the latest HR trends.

  • Resources
    • Resources

      Stay up to date with news and leverage our vast library of resources.

      • Flagships
      • HR Research
      • Legal & Compliance
      • Latest News & Trends
      • Tools & Guides
      • Webinars
      HR Topics
      • AI in the Workplace
      • Civility at Work
      • Compensation & Benefits
      • Inclusion & Diversity
      • Talent Acquisition
      • HR Technology
      • Workplace Violence Prevention
      Educational Programs

      Designed and delivered by HR experts to empower you with the knowledge and tools you need to drive lasting change in the workplace.

  • Community
    • Find a SHRM Chapter

      Easily find a local professional or student chapter in your area.

      • SHRM Northern California
      SHRM Connect

      Post polls, get crowdsourced answers to your questions and network with other HR professionals online.

      Membership Councils

      Learn about SHRM's five regional councils and the Membership Advisory Council (MAC).

      Volunteers

      Learn about volunteer opportunities with SHRM.

  • Shop
    • SHRM Store

      Shop for HR certifications, credentials, learning, events, merchandise and more.

      Workplace Essentials
      • SHRM Memberships
      • SHRM Certification
      • Specialty Credentials
      • HR Tools & Tech
      Education
      • Seminars
      • eLearning
      • Books
      Merchandise
      • Accessories
      • Apparel
      • Office & Home
Become a Member
Renew
Rejoin Now
Renew
Ask an HR Advisor
Close
  • Personal
  • Business
  • Foundation
  • Membership
    back
    Membership
    • Membership

      As a SHRM Member®, you’ll pave the path of your success with invaluable resources, world-class educational opportunities and premier events.

      Membership Tiers
      • Professional
      • Student
      • Global
      • Executive
      • Business
      Membership Benefits
  • Learning
    back
    Learning
    • Learning

      Build capability, credibility, and confidence to influence strategy, shape culture, and drive measurable business impact.

      SHRM Certification

      Demonstrate your ability to apply HR principles to real-life situations.

      • Choosing Your Certification
      • SHRM-CP
      • SHRM-SCP
      • How to Get Certified
      • Prepare for the Exam
      • Recertification
      Seminars

      Stand out from among your HR peers with the skills obtained from a SHRM Seminar.

      Specialty Credentials

      Demonstrate targeted competence and enhance your HR credibility.

      Educational Programs

      Designed and delivered by HR experts to empower you with the knowledge and tools you need to drive lasting change in the workplace.

      • Essentials of HR
      • eLearning
      Qualifications

      Gain a deeper understanding and develop critical skills.

  • Attend
    back
    Attend
    • Events

      Demonstrate your ability to apply HR principles to real-life situations.

      • SHRM26 Annual Conference & Expo
      • The AI+HI Project 2026
      • Talent 2026
      • Linkage Institute 2026
      • BLUEPRINT 2025
      State Conferences

      Attend a SHRM state event to network with other HR professionals and learn more about the future of work.

      Seminars

      Stand out from among your HR peers with the skills obtained from a SHRM Seminar.

      Webinars

      Learn live and on demand. Earn PDCs and gain immediate insights into the latest HR trends.

  • Resources
    back
    Resources
    • Resources

      Stay up to date with news and leverage our vast library of resources.

      • Flagships
      • HR Research
      • Legal & Compliance
      • Latest News & Trends
      • Tools & Guides
      • Webinars
      HR Topics
      • AI in the Workplace
      • Civility at Work
      • Compensation & Benefits
      • Inclusion & Diversity
      • Talent Acquisition
      • HR Technology
      • Workplace Violence Prevention
      Educational Programs

      Designed and delivered by HR experts to empower you with the knowledge and tools you need to drive lasting change in the workplace.

  • Community
    back
    Community
    • Find a SHRM Chapter

      Easily find a local professional or student chapter in your area.

      • SHRM Northern California
      SHRM Connect

      Post polls, get crowdsourced answers to your questions and network with other HR professionals online.

      Membership Councils

      Learn about SHRM's five regional councils and the Membership Advisory Council (MAC).

      Volunteers

      Learn about volunteer opportunities with SHRM.

  • Shop
    back
    Shop
    • SHRM Store

      Shop for HR certifications, credentials, learning, events, merchandise and more.

      Workplace Essentials
      • SHRM Memberships
      • SHRM Certification
      • Specialty Credentials
      • HR Tools & Tech
      Education
      • Seminars
      • eLearning
      • Books
      Merchandise
      • Accessories
      • Apparel
      • Office & Home
Become a Member
Renew
Rejoin Now
Renew
Ask an HR Advisor
  • Select Region
    • Global
    • India
    • MENA
SHRM
mySHRM Login
  • MySHRM
    • Dashboard
    • Account
    • Logout
Close

  1. Topics & Tools
  2. Employment Law & Compliance
  3. Biden Proposes Raising Tax on Billionaires to Help Fund Worker Initiatives
Share
  • Linked In
  • Facebook
  • Twitter
  • Email

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus convallis sem tellus, vitae egestas felis vestibule ut.


Error message details.

Copy button
Reuse Permissions

Request permission to republish or redistribute SHRM content and materials.


Learn More
In Focus

Biden Proposes Raising Tax on Billionaires to Help Fund Worker Initiatives

March 8, 2024 | Allen Smith, J.D.

Picture taken from the air of U.S. Capitol with the Supreme Court, Library of Congress and in the distance a stadium behind it

President Joe Biden delivered his third State of the Union address on March 7, proposing a minimum tax of 25 percent on billionaires to help fund a number of worker-friendly initiatives. He said his proposal would raise $500 billion over the next 10 years.

“Imagine what that could do for America,” Biden said. “Imagine a future with affordable child care so millions of families can get the care they need and still go to work and help grow the economy.” His proposal also would help facilitate paid leave. SHRM supports a voluntary federal insurance market that allows employers to fund paid leave benefits by tapping into pooled resources.

“Imagine a future with home care and elder care so seniors and people living with disabilities can stay in their homes and family caregivers get paid what they deserve!” Biden added.

He said that no billionaire should pay a lower tax rate than a teacher, sanitation worker or a nurse, but the current average federal tax rate for the nation’s 1,000 U.S. billionaires is 8.2 percent, “far less than the vast majority of Americans pay.”

Biden called on raising the corporate minimum tax to at least 21 percent “so every big corporation finally begins to pay their fair share.”

“Wall Street didn’t build this country! The middle class built this country! And unions built the middle class!” Biden said. He recognized UAW President Shawn Fain, who was present at the State of the Union and who Biden called “a great friend and a great labor leader.” Biden added, “I was proud to be the first president in American history to walk a picket line.”

Toward the end of his speech, Biden called on Congress to pass the Equality Act and the labor-friendly PRO Act and to raise the federal minimum wage.

In the GOP response to the State of the Union, Sen. Katie Britt, R-Ala., criticized the Biden administration for “the worst inflation in 40 years. … Hardworking families are struggling to make ends meet today. And with soaring mortgage rates and sky-high child care costs, they’re also struggling to plan for tomorrow.”

She appealed to parents and, in particular, mothers. “I know you’re frustrated,” Britt said. “I know you’re probably disgusted by most of what you see going on in Washington. And I’ll be really honest with you—you’re not wrong for feeling that way.”

However, Britt added, “America has been tested before, and every single time, we’ve emerged unbowed and unbroken.” She said that “despite the current state of our union, our best days are still ahead.”

Emily M. Dickens, SHRM chief of staff and head of public affairs, issued the following statement in response to Biden’s speech: “SHRM is guided by the principle of 'Policy, Not Politics.' Accordingly, SHRM views the State of the Union address as an opportunity to focus on critical policy issues facing work, workers and workplaces. This important policy event reminds us about the deep responsibility of governance and a return to civility.”

U.S. workers themselves, as highlighted in SHRM’s State of the Workplace report, identified civility as a crucial element for organizational effectiveness. This belief inspired the launch of SHRM’s Civility Campaign, urging both workplaces and Congress to prioritize respectful communication and collaboration, among other top workplace policy issues.

We’ve gathered articles on the State of the Union and related news from SHRM Online and other media outlets.

Forceful Speech

President Joe Biden turned his State of the Union address into a muscular campaign kickoff, never once uttering former President Donald Trump’s name but repeatedly invoking the challenge posed by his likely general election foe. The overtly political tone underscored the stakes of the night for the president.

(Politico)

Recent Call for More Bipartisanship

Biden’s State of the Union speech came less than two weeks after the president and Utah Gov. Spencer Cox, a Republican who is chairman of the National Governors Association, said there should be less bitterness in politics and more bipartisanship. “Politics has gotten too personally bitter,” Biden said.

(SHRM Online)

Paid Leave as a Priority

In last year’s State of the Union, Biden urged the enactment of paid family and medical leave. In addition, at a Feb. 2 press conference marking the 30th anniversary of the Family and Medical Leave Act last year, Biden called for extended support for time-off benefits and announced he had signed a memorandum laying out a national program of paid family and medical leave for employees. Biden subsequently proposed a $325 billion paid-family-leave program.

(SHRM Online, SHRM Online and SHRM Online)

Next Stop for Unions: More Organizing

A key question to watch this year is whether the UAW’s deals last year with automakers and the Teamsters’ agreement with UPS can be converted into organizing victories, according to Martin Malin, founding director of Chicago-Kent College of Law’s Martin H. Malin Institute for Law and the Workplace in Chicago. The Teamsters are trying to organize nonunion logistics companies and Amazon, while the UAW is attempting to unionize foreign car manufacturers with factories in the U.S., he said. In addition, the UAW is seeking to organize Tesla. On Feb. 21, the UAW announced it is committing $40 million through 2026 to unionize more autoworkers and battery workers.

(SHRM Online and SHRM Online)

Benefits Solutions
ESG, Ethics & Compliance
Employment Law & Compliance
Labor Unions

Was this resource helpful?

Leave Feedback

SHRM-CP Promo Image
Validate your HR expertise

Earning your SHRM-CP credential makes you a recognized expert and leader in the HR field.

Get Certified


Related Content

(opens in a new tab)
News
How One Company Uses Digital Tools to Boost Employee Well-Being

Learn how Marsh McLennan successfully boosts staff well-being with digital tools, improving productivity and work satisfaction for more than 20,000 employees.

(opens in a new tab)
News
A 4-Day Workweek? AI-Fueled Efficiencies Could Make It Happen

The proliferation of artificial intelligence in the workplace, and the ensuing expected increase in productivity and efficiency, could help usher in the four-day workweek, some experts predict.

(opens in a new tab)
News
Rising Demand for Workforce AI Skills Leads to Calls for Upskilling

As artificial intelligence technology continues to develop, the demand for workers with the ability to work alongside and manage AI systems will increase. This means that workers who are not able to adapt and learn these new skills will be left behind in the job market.

HR Daily Newsletter

Stay up to date with the latest HR news, trends, and expert advice each business day.

Success title

Success caption

Manage Subscriptions
Our Brands

SHRM Foundation Logo
SHRM Executive Network Logo
CEO Circle Logo
SHRM Business Logo
SHRM Linkage Logo
SHRM Labs
Overview

  • About SHRM
  • Careers at SHRM
  • Press Room
  • Contact SHRM
  • Post an HR Job
SHRM Named to Newsweek's 2026 America's Top Online Learning Provider List
Advocacy

  • SHRM Advocacy
  • Federal Policies
  • State Affairs
  • Global Policy
  • Take Action
  • SHRM E2 Initiative
Brand Partnership

  • Partnership Opportunities
  • Advertise with Us
  • Exhibit & Sponsorship
  • Recertification Providers
  • Book a Speaker
Member Resources

  • Ask an HR Advisor
  • SHRM Newsletters
  • SHRM Flagships
  • Topics & Tools
  • Find an HR Job
  • Vendor Directory

© 2026 SHRM. All Rights Reserved
SHRM provides content as a service to its readers and members. It does not offer legal advice, and cannot guarantee the accuracy or suitability of its content for a particular purpose. Disclaimer

Follow Us

  • LinkedIn
  • Facebook
  • Twitter
  • Instagram
  • YouTube
Feedback

  1. Your Privacy Choices

  2. Terms of Use

  3. Accessibility

Join SHRM for Exclusive Access to Professional Content

SHRM Members enjoy unlimited access to articles and exclusive professional content resources.

Already a member? Login
Free Article

Login to unlock unlimited access or join SHRM today to get unlimited access to articles and member-exclusive resources.

Already a member? Login
Limit Reached

You've reached the limit of 1 free article this month. Join to access unlimited articles and member-only resources.

Already a member? Login
Free Article

Login to unlock unlimited access or join SHRM today to get unlimited access articles and member-exclusive resources.

Already a member? Login
Limit Reached

You've reached the limit of 1 free article this month. Join the Executive Network and enjoy unlimited content.

Already a member? Login
Unlock Your Career with SHRM Membership

Please enjoy this free resource! Join SHRM for unlimited access to exclusive articles and tools.

Already a member? Login
Join SHRM for Exclusive Access to Professional Premium Content

SHRM Members enjoy unlimited access to articles and exclusive professional premium resources.

Already a member? Login
Join SHRM for Exclusive Access to Student Content

SHRM Members enjoy unlimited access to articles and exclusive member resources.

Already a member? Login
Join SHRM for Exclusive Access to Executive Network Content

SHRM member enjoys unlimited access to articles and exclusive executive member resources.

Already a member? Login

Your membership is almost expired! Renew today for unlimited access to member content.

Renew now

Your membership has expired. Renew today for unlimited access to member content.

Renew Now

Your Executive Network membership is nearing its expiration. Renew now to maintain access.

Renew Now

Your membership has expired. Renew your Executive Network benefits today.

Renew Now